The Prime Minister of Liechtenstein jumped to support Bitcoin & disclosed several Bitcoin payment-related supportive plans in the country.
Liechtenstein is officially the Principality of Liechtenstein. This microstate is situated in the Alps between Austria and Switzerland. This country is the world’s sixth smallest country. In the present time, crypto investment/trade is fully legal under its Liechtenstein Blockchain Act (TVTG), which provides a full regulation structure for the crypto sector.
On 7 May 2023, In an interview, the country’s Prime Minister Daniel Risch said that the Bitcoin payment option is coming and further he disclosed his Bitcoin payment-related initial plans.
The prime minister said that new laws will allow Bitcoin payment in the country and also will give full freedom to swap national fiat currency & Swiss francs with Bitcoin. However, the prime minister failed to say that the country will adopt Bitcoin as a legal tender but confirmed that Bitcoin payment will be used in various government services.
Few crypto experts noted that if the government’s laws will allow Bitcoin & fiat exchange then it will surely allow the private companies to adopt Bitcoin payment services. In short, Bitcoin will work as a legal tender under the jurisdiction of Liechtenstein.
In 2019, Liechtenstein grabbed huge popularity in the world for its dedicated Bitcoin Act.
It is worth it to note that here the Prime Minister of Liechtenstein is trying to bring laws for Bitcoin payment but he is not considering his decision similar to El Salvador’s Bitcoin law, which allows the citizens/companies of El Salvador to accept Bitcoin payment via Bitcoin lightning enabled Bitcoin wallets.
Because of the clear crypto regulation system, the inflow of capital investment in this microstate country surged rapidly between 2020 to 2022. It is expected that shortly, this microstate country will be a very big hub for crypto companies & crypto Innovations.